Infrastructure firm Gayatri Projects today said its board has approved a proposal for transfer of road assets of the company to Gayatri Domicile Pvt Ltd.
The board unanimously approved composite scheme of arrangement between Gayatri Projects, Gayatri Infra Ventures and Gayatri Domicile providing for transfer of investments in Sai Maatarini Tollways from Gayatri Projects Ltd to Gayatri Domicile Ltd at book value, the company said in a filing to the BSE.
"The lump sum consideration of Rs 180,16,03,000 (Rs 180.16 crore) will be paid in the form of 1,24,60,000 equity shares of Rs 10 each (fully paid) and 16,77,00,300 redeemable preference shares Rs 10 each (fully paid) of Gayatri Domicile Private Ltd," the filing said.
Post the transfer of assets, and completing the scheme, the securities of Gayatri Domicile are proposed to be listed on BSE and NSE.
The board approved that post transfer of investments, Gayatri Infra Ventures Ltd will be merged with Gayatri Projects Ltd and post merger "transfer of infrastructure road BOT assets business from Gayatri Projects to Gayatri Domicile Ltd" will be done.
Gayatri Projects shares had closed at Rs 622.80 on the BSE yesterday, down 1.51 per cent from the previous close.
